mynth
10/2022

Evergas acquired by Seapeak

DENMARK Transport & Logistics / Freight Transport / Marine Cargo EV 500M - 1.5b USD

Context

Structured as an all-cash acquisition, the definitive transaction entered into by Seapeak secures the total purchase of Greenship Gas Trust and Greenship Gas Manager Pte. Ltd., known collectively as Evergas, from holding company Jaccar Holdings. Formally announced in late October 2022 and definitively completed in early January 2023 following the satisfaction of customary closing conditions, the share purchase agreement transfers the entirety of the target's operating subsidiaries to the acquiring maritime group. Under the governance terms established upon closing, the target entity is fully absorbed to operate as a wholly owned corporate subsidiary, with its maritime and technical personnel transitioning directly under the unified Seapeak brand. The strategic rationale articulated by the acquiring executive board focuses on commercial customer diversification and the strategic integration of major petrochemical contracts. Central to this investment thesis is the immediate acquisition of long-term commercial exposure to global chemical producer Ineos, which retains the target's primary tonnage under multi-year, fixed-rate timecharter contracts. By internalizing this client relationship, the corporate transaction integrates the buyer directly into the supply chain supporting liquefied gas exports from the United States to international processing facilities. Furthermore, the combined operational platform establishes a collaborative commercial foundation with Ineos to develop specialized maritime transport solutions for liquid carbon dioxide, addressing structural European industrial decarbonization mandates. For the seller, Jaccar Holdings, the execution of this share sale represents the divestment of a core asset under an institutional debt restructuring program negotiated with corporate creditors, as structured under the supervision of Executive Chairman Philippe Soulie. Sell-side financial engineering and transaction execution were conducted by Deutsche Bank, which acted as the exclusive financial adviser to Jaccar Holdings throughout the negotiation process.

Evergas, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.4x).

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Target

Evergas owns, operates, and charters specialized maritime vessels dedicated to the seaborne transport of petrochemical gases and natural gas liquids. Tracing its operational heritage back to 1883, the Danish shipping organization deploys a maritime fleet comprising two Very Large Ethane Carriers and eight Multigas and liquefied natural gas carriers, supplemented by six commercial liquefied petroleum gas carriers operated under charter leases expiring in 2024. Engineering standards across the operating fleet incorporate dual-fuel propulsion systems engineered to burn gas fuel alongside specialized semi-cooled cargo containment technology. The company structures its corporate and administrative leadership from Copenhagen, Denmark, while steering daily fleet management, crewing logistics, and nautical operations through a dedicated operational hub established in Singapore. Operating under the leadership of Chief Executive Officer Steffen Jacobsen, the maritime enterprise employs a specialized workforce exceeding 400 professionals across its administrative headquarters and sea-going operations. Operational workflows focus on executing point-to-point marine voyages across transatlantic and transpacific shipping lanes, ensuring strict technical compliance with international safety protocols governing the transport of cryogenic hydrocarbons and volatile chemical feedstocks.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2022
2021

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REFERENCES

Valuation range: EV 500M - 1.5b USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Evergas by Seapeak are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: seapeak